Question
Liability for the drawer for the bill discounted is a:
Solution
When a bill is discounted from bank, the drawee becomes liable to the bank. However, on the due date if the drawee is unable to make the payment the bank can recover the amount from drawer. therefore, when drawer discounts a bill with bank it becomes a contingent liability for the drawer.
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Refer to the following information to answer the next 4 questions.
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